CPV starts Phase 2 merger project
In line with the project of revamping the stevedoring business at the Port of Vladivostok, JSC Sea Commercial Port Vladivostok (CPV, part of Transportation Group FESCO) has commenced the second phase of its reorganization aimed at creation of a single stevedore, the CPV press release said. During Q4, 2012, two of the six stevedores operating at the yards of CPV, will merge into a single company – Commercial Port of Vladivostok.
The merger project was approved by FESCO Group in January 2012. The project started in the second quarter of 2012. The Phase 1 included merger of all service facilities and the second phase - the integration of stevedoring companies operating at berths of Commercial Port of Vladivostok.
Currently, there are 900 dock workers working on the berths of CPV. After the merger completion in 2013 the CPV’s workforce will be about 2040 people, of them 1,500 - workers engaged in loading / offloading operations.
Transport Group FESCO, created on the basis of the Far Eastern Shipping Company (FESCO), a leading Russian integrated transport and logistics company providing a broad range of services for door-to-door cargo delivery using its own transport facilities to ensure guaranteed quality and reliability of services. The Group owns a fleet of 50 vessels of total displacement of 900,000 tons and operates a diversified fleet of over 19,000 units of rolling stock. The Group’s total cargo throughput at the port and rail facilities reaches 400,000 TEUs, 5 million tons of bulk cargo and 100,000 of vehicles a year. FESCO offers services to Russian and international customers through its own sales network in Russia and 15 countries worldwide. FESCO’s H1 2012 consolidated revenue was $ 583 million.